President Obama says he'd support getting rid of the penny

President Barack Obama said Thursday he would support getting rid of the penny. In response to a citizen question during a Google Hangout "fireside chat," the president said that minting 1-cent pieces is symbolic of wasteful spending in Washington.

What did Obama say exactly?

"I will tell you right now, this will not be a huge savings for government, but anytime we're spending more money on something that people don't actually use that's an example of something we should change.

"One of the things you see chronically in government -- it's very hard to get rid of things that don't work so then we can invest in the things that do. So the penny become a good metaphor for a lot of the problems that we've got."

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How much does it cost to produce a penny?

According to the U.S. Mint 2011 annual report, a penny costs 2.41 cents to produce; a nickel, 11.18 cents; a dime, 5.65 cents; and a quarter, 11.14 cents. The cost includes both the metallic content of the coins and the minting process. At a congressional hearing in November, Richard A. Peterson, acting director of the U.S. Mint, said it's hard to produce a penny for less than its face value. "If the metal for the penny were free, we would still exceed 1 cent," he said.

How do other countries handle the 1-cent piece?

In February, Canada began a six-year phase-out of its pennies. Australia stopped minting pennies in 1964. New Zealand demonetized the penny in 1990. Great Britain still produces pennies, as does the European Union, though EU member Finland generally does not use them.

Who wants to get rid of the penny?

Fiscal conservatives who think it's wasteful government spending. Economists who argue it's not worth the time to even pick up a penny and that getting rid of it would not negatively affect consumers. Convenience stores have found that using pennies adds 2 to 2.5 seconds per cash transaction.

Who wants to save the penny?

Americans for Common Cents, a Washington advocacy group run by the main lobbyist for the zinc industry. Coin collectors. Traditionalists. Fans of President Abraham Lincoln. Store owners who like to price things at $9.99.

Is Congress considering getting rid of the penny?

No. There are no bills filed in Congress that would stop the production of the penny. Former Rep. Jim Kolbe tried to get rid of the penny in 2001 and 2006. In 2007, three bills were filed that would allow the Mint to vary the metallic content of the penny, but they died in committee and have not been re-filed.